“World leader in the seaborne transportationof crude oil and refined products”

Third Quarter Presentation November 2019

Forward Looking StatementsMATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBORPROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKINGSTATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHERSTATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS.

FRONTLINE DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND IS INCLUDING THIS CAUTIONARYSTATEMENT IN CONNECTION WITH THIS SAFE HARBOR LEGISLATION. THE WORDS “BELIEVE,” “ANTICIPATE,” “INTENDS,” “ESTIMATE,” “FORECAST,” “PROJECT,” “PLAN,” “POTENTIAL,”“MAY,” “SHOULD,” “EXPECT” “PENDING” AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS.

THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS,INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN FRONTLINE’S RECORDS AND OTHER DATA AVAILABLEFROM THIRD PARTIES. ALTHOUGH FRONTLINE BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TOSIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND FRONTLINE’S CONTROL, YOU CANNOT BE ASSURED THATFRONTLINE WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. The information set forth herein speaks only as of the dates specified and FRONTLINEUNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES.

IMPORTANT FACTORS THAT, IN FRONTLINE’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTSINCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES ANDVESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OILCONSUMPTION AND STORAGE, CHANGES IN FRONTLINE’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR FRONTLINE’SVESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLYPERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROMPENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS ORPOLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS. FOR A MORE COMPLETE DISCUSSION OF THESE AND OTHER RISKS ANDUNCERTAINTIES ASSOCIATED WITH FRONTLINE’S BUSINESS, PLEASE REFER TO FRONTLINE’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, BUT NOTLIMITED TO, ITS ANNUAL REPORT ON FORM 20-F.

THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE ORAPPROVAL.

Third Quarter 2019| Nov 19 2

Q3 2019 Highlights

3Third Quarter 2019| Nov 19

• Reports a net loss of $10.0 million, or $0.06 per share, for the third quarter of 2019.

• Reported an estimated spot average daily time charter equivalent (“TCE”):

• In October 2019, the Company extended its senior unsecured revolving credit facility of up to $275.0million with an affiliate of Hemen Holding Ltd. to May 2021.

• In November 2019, the Company secured a commitment from ICBC Financial Leasing Co., Ltd (“ICBCL”)for a sale-and-leaseback agreement in an amount of up to $544.0 million, which is subject to executionof final transaction documents to both parties' satisfaction.

• Declared a cash dividend of $0.10 per share for the third quarter of 2019.

Financial highlights

Note: The estimated spot TCE is provided using the load-to-discharge method of accounting. We expect the spot TCE for the full quarter will be lower primarily due toimpact of ballast days at the end of the quarter.

Q3 2019 Q4 2019 est. % done

VLCC $22,900 $64,800 78%Suezmax $16,200 $49,400 71%LR2/Aframax $15,900 $29,900 74%

Q3 2019 Financial Highlights

4Third Quarter 2019| Nov 19

(*) See Appendix 1 for reconciliation to nearest comparable GAAP figureNote: Earnings per share is based on 173,282 and 170,069 weighted average shares (in thousands) outstanding for Q3 2019 and Q2 2019,respectively

(Million $ except per share) Q3 2019 Q2 2019 Q1 20192019YTD

Total operating revenues (net of voyage expenses) (*) 94 103 141 338Net Income (loss) -10 1,1 40 31Net income (loss) adj (*) -10 4,1 46 40EBITDA adj (*) 43 56 96 195

Earnings (loss) per share -0,06 0,01 0,24 0,18Earnings (loss) per share adjusted -0,06 0,02 0,27 0,23

Cash 109 92 97Interest bearing debt 1 723 1 752 1 721

Income Statement

5

Non-cash items in the third quarter of 2019

• $2.6 million loss on derivatives

• $0.7 million unrealized gain on marketablesecurities

• $ 2.0 million in share of result of associatedcompany

Third Quarter 2019| Nov 19

2019 2019 2018(in thousands of $ except per share data) Jul - Sep Apr - Jun Jan-Dec

Total operating revenues 187 640 193 408 742 266

Other operating gain (loss) 3 841 1 711 10 206

Voyage expenses and commission 93 480 90 664 377 772Contingent rental (income) expense (1 255) (1 524) (19 738)Ship operating expenses 44 233 37 693 130 623Charter hire expenses 2 063 2 140 21 244Administrative expenses 11 016 10 988 37 294Depreciation 29 829 28 318 122 566Total operating expenses 179 366 168 279 669 761

Net operating income 12 115 26 840 82 711

Interest income 342 413 843Interest expense (23 082) (23 244) (93 275)Gain on sale of shares - - 1 026Unrealized gain (loss) on marketable securities 677 1 683 (3 526)Share of result of associated company 1 968 - 246Foreign currency exchange gain (loss) 623 (27) (869)Gain (loss) on derivatives (2 615) (5 582) 4 256Other non-operating items 22 55 506Net income (loss) before income taxes and non-controlling interest (9 950) 980 (8 082)Income tax expense (18) 25 (316)Net income (loss) (9 968) 1 005 (8 398)Net (income) loss attributable to non-controlling interest 6 77 (482)Net income (loss) attributable to the Company (9 962) 1 082 (8 880)

Basic earnings (loss) per share attributable to the Company ($) (0,06) 0,01 (0,05)Weighted average number of ordinary shares (in thousands) 173 282 170 069 169 810

Balance Sheet

6

• $274 million in cash and cash equivalentsincluding undrawn amount of unsecured facility,marketable securities and minimum cashrequirements bank

• $222 million in remaining NB Capex and $175million in estimated debt capacity

• No near term debt maturities

Third Quarter 2019| Nov 19

2019 2019 2018(in million $) Sep 30 Jun 30 Dec 31Current assetsCash 109 92 68Marketable securites 10 10 9Other current assets 198 192 231

Non-current assetsNewbuildings 30 26 52Vessels 3 041 2 718 2 578Goodwill 112 112 112Other long-term assets 88 18 26Total assets 3 588 3 169 3 078

Liabilities and EquityCurrent liabilitiesShort term debt 129 128 120Obligations under finance and operational lease 294 20 12Other current liabilities 103 90 82

Non-current liabilitiesLong term debt 1 594 1 624 1 610Obligations under finance and operational lease 87 91 88Other long-term liabilities 1 1 1Frontline Ltd. stockholders' equity 1 380 1 215 1 164Total liabilities and stockholders' equity 3 588 3 169 3 078

Cash Breakeven and Cash Generation Potential

7Note: Estimated cash cost breakeven rates for the remainder of 2019 include bareboat/tc hire / installments, interest loans, opex/drydock and net G&A expenses. Third Quarter 2019| Nov 19

Well positioned to generate significant cash flow with market rates above current breakeven rates

Cash generation above breakeven ratesDaily cash breakeven and OPEX

0

30 000

60 000

90 000

120 000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2017 2018 2019 5Y Average

Key Market Developments In Play

8Source: Clarksons, EIA

Freight market observations

Third Quarter 2019| Nov 19

• After an extreme spike, ratesremain strongThe market has strengthened since May 2019proving growing underlying freight demand

1

• US Export continue to growUS production growth expected slow, butexport growth continues with improvedcapacity

2

Weekly VLCC rates (USD/day)

0

1000

2000

3000

4000

Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19

Weekly U.S. Exports of Crude Oil (KBD)

Deliveries Decline After 2019; Older Vessels Facing Surveys

9Source: Fearnleys, Clarksons

The pace of recycling has slowed, but the 168 VLCCs older than 15 years is double the current order book

Third Quarter 2019| Nov 19

VLCC

82 3

7

27 2036 37

28 3119

2838

5058 65

4931

23 21

47 5039

53

20

44

1220

10

20

30

40

50

60

70

80

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Fleet Profile

Over 20Y Over 17,5Y Over 15Y Modern Orderbook

168 vessels

6,9 %

0%

10%

20%

30%

40%

50%

Oct-96 Oct-97 Oct-98 Oct-99 Oct-00 Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Tanker Order book as % of fleet (10K Dwt+)

Summary

10

Positive market outlook Risks to market outlook / mitigating factors

Crude demand set to increase

Month-to-month volatility in 2020, but positive trend

Demand for compliant fuels increases crude oil input requirement

Tonne-mile expansion continues

US export growth amidst OPEC production cuts increases tonne-mile

demand

Geopolitical tensions in the Middle East continue to encourage

import diversity

Fleet growth outlook is favorable

Deliveries decline significantly after 2020

Effective capacity impacted by dry dockings and storage of fuels

Macro risks are creating uncertainty

Higher oil price could cause demand destruction

Impact of trade tensions and tariffs are unknown

Global GDP growth may slow demand

IMO 2020 implementation doesn’t go as expected

Short-term exemptions granted

HSFO / LSFO spread could diminish scrubber economics

Third Quarter 2019| Nov 27

Questions & Answers

www.frontline.bm

Appendix

13

This presentation describes: total operating revenues net ofvoyage expenses, net income attributable to the Companyadjusted for certain non-cash items ("Net income adj.") andrelated per share amounts and Earnings Before Interest, Tax,Depreciation & Amortisation adjusted for the same non-cashitems ("EBITDA adj."), which are not measures prepared inaccordance with US GAAP (“non-GAAP”).

We believe the non-GAAP financial measures presented inthis press release provides investors with a means ofevaluating and understanding how the Company’smanagement evaluates the Company’s operatingperformance.

These non-GAAP financial measures should not be consideredin isolation from, as substitutes for, nor superior to financialmeasures prepared in accordance with GAAP.

Third Quarter 2019| Nov 19

Appendix 1Reconciliation

(Million $ except per share) Q3 2019 Q2 2019 Q1 2019 YTD 2019

Total operating revenues net of voyage expensesTotal operating revenues 188 193 238 619Voyage expenses -93 -91 -98 -282Total operating revenues net of voyage expenses 94 103 141 338

Net income adj.Net income (loss) attributable to the Company -10 1 40 31Add back:Loss on termination of vessel lease, net of cash paid 0 0 0 0Unrealized loss on marketable securities 0 0 1 1Loss on derivatives 3 6 4 12

Less:Share of results of associated company -2 -1 0 -3Unrealized gain on marketable securities -1 -2 0 -2Net income adj. -10,1 4,1400 46 40

(in thousands)Weighted average number of ordinary shares 173 282 170 069 169 821 170 837

(in $)Basic (loss) earnings per share adjusted for certain non-cash charges -0,06 0,02 0,27 0,23

EBITDA adj.Net income attributable to the Company -10 1 40 31Add back:Interest expense 23 23 23 70Depreciation 30 28 27 86Unrealized loss on marketable securities 0 0 1 1Loss on derivatives 3 6 4 12

Less:Unrealized gain on marketable securities -1 -2 0 -2Share of results of associated company -2 -1 0 -3EBITDA adj. 43 56 96 195